Graduation in Canada typically is equivalent to the ubiquitous American prom. It is a huge event; tuxes, gowns, limos, dinner dance and the whole nine yards. It's very common in our school districts to hold it about a month before the end of the school year so as not to allow the distraction to interfere with final exams. Our graduates must also write Provincial (government) diploma exams and the results are not available for many weeks afterwards. I imagine that there's a good number of on-the-bubble kids who participate in Grad that don't end up actually getting diplomas.